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Greek leaders blow chance of quick EU bailout approval
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Euro zone finance ministers have dropped plans for a special face-to-face meeting on Wednesday on Greece's new international bailout, saying political party chiefs in Athens had failed to provide the required commitment to reform.
A day before euro zone finance ministers had been due to meet in Brussels to consider the bailout, the man most likely to be Greece's next prime minister had yet to sign a commitment to implement the austerity measures demanded by the EU and IMF.
Likewise, the cabinet had yet to fill a 325 million euro (272 million pound) gap in the budget cuts promised for 2012, even though the ministers of the Eurogroup had told Athens that they needed a complete package of promises and signed undertakings.
With the European Union's patience with Greece close to breaking point, Eurogroup Chairman Jean-Claude Juncker downgraded Wednesday's talks to a telephone conference call.
That appeared to kill any chance that the Eurogroup would approve on Wednesday the 130 billion euro bailout, funds from which Greece must start getting by next month to avoid a messy bankruptcy. It is due to hold a regular meeting on February 20.
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